Success Lessons From Cool Entreprenuers
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11 Important Business Lessons from Successful Entrepreneurs
Confirm Password. Yes, I want to receive the Entrepreneur newsletter. Whenever I am introduced to someone in-person or by email, I always connect with them on LinkedIn. It is important to begin to develop your modern Rolodex while you are in college, or when you start your first job.
You never know when you need an introduction to a person or company that some acquaintance can provide. Through proactively maintaining my LinkedIn network for a decade, I have over 5, connections working at every major company and industry. It is rare that I need an introduction to someone that we do not have a mutual connection with, and I have used this network to meet investors, business partners, and future employees.
You know where you want to go and the rapidly changing river is full of obstacles to circumvent in order to reach your destination. However, you have to design and test a new raft that is currently only a concept and drawing on a whiteboard. You have to define how your raft is different and what benefits it will offer to potential customers. Next, you build your prototype and drink a ton of river water testing it. This answer is how a start-up founder defines either success or failure.
Tech startup lesson by V. Growth is expanding the business by increased use of resources while scaling is expanding the business with no additional resources. There are many successful unscalable businesses out there — McKinsey, Moleskine, etc. If you ever thought about scaling, the first thing to do is to figure out whether or not your business model is capable of it. Kaizen ideology was coined by Toyota which believes everything can be and deserves to be improved.
With the devotion to improving a little bit every single day, any entrepreneur can accumulate incredible improvement and success.
This is even more powerful if the entrepreneur is able to establish this ideology within the culture of their company. There are lots of good startup ideas, but new entrepreneurs will find success from opportunities where they have a special advantage. For startups in established markets, find some non-obvious insider knowledge about a high-value problem. And, of course, new entrepreneurs need to understand what it would take to build an MVP minimum viable product — the cheaper the better. Many tech startups start their business with an idea and a computer.
One other important aspect is the law of doubling. In my business, I spent more time managing bad employees that finding new customers. That was a big mistake. It would have been better for everyone to let them the moment I figured they were probably not a good fit.
As soon as I let them go, the culture got stronger and the bar higher. Also, I recommend NOT spending money on things like fancy brochures, letterhead, business cards, etc. Until you know your business is launched I would say to put your budget into things that help fill your pipeline with customers.
Getting your domain name and a website up and running is key. Your story will evolve as you find your market, so you need to look professional and have a website to be taken seriously, but embossed paper with watermarks and heavy card stock is not going to accelerate your sales cycle. Success comes from merging your product and tech skills with a focus on what will get you to your business goals, and the application of soft skills such as communications, leadership, sales that you need to operate your business successfully. The good news is that soft skills are learnable skills.
It will help you in everything — from leading your team to selling your product to obtaining your share of investor dollars. This way, we ignored things that are much more important, like:. In a startup, you must have people who are obsessive.
Those two things are the most important aspects of building your company. Having a smart, talented team that understands the bigger picture will help push your goals and objectives into motion. My co-founder and I spend a lot of time talking about the educators who benefit from Educents, even sharing love mail on a regular basis so the team can celebrate our impact.
That kind of transparency inspires and aligns the team to our vision.
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And also, make sure you listen. Listening is a key component to communication.